Raast Pay - Pakistan's Instant Payment System

About Raast

Raast: Pakistan's Instant Payment System

Raast is Pakistan's first instant payment system that will enable end-to-end digital payments among individuals, businesses and government entities instantaneously. The state-of-the-art Pakistan's Faster Payment System will be used to settle small-value retail payments in real time while at the same time provide a cheap and universal access to all players in the financial industry including commercial banks, microfinance banks, government entities and fintechs (EMIs & PSPs).

Pakistan has had low electronic transactions for a number of reasons including low banking penetration, lack of trust and awareness of digital payment methods, limited interoperability, difficult accessibility and high cost of transactions. The Real Time Gross Settlement System (RTGS) of Pakistan provides instant payment settlements for large value and corporate transactions only. Raast: Pakistan's Instant Payment System will facilitate retail payment settlements with much great efficiency.

Raast aims to address some key industry challenges within the payment ecosystem:

Limited interoperability: Financial institutions (i.e. the providers of digital payment services) have difficulty connecting to each other due to a lack of necessary central infrastructure.

High cost of digital payments to the end user: End users are charged high fees for transferring money digitally, making digital payments inaccessible for a large portion of the population.

Poor user experience: End users must go through a complex process to make digital payments and there are no digital modes of payment that are widely accepted by merchants.

Lack of security: Currently available digital payment types and infrastructure do not offer sufficient/adequate data protection and authentication.

Raast is at the center of DFS ecosystem in Pakistan.

Features of Raast

Instantaneous payments

Near real-time digital payments across individuals, merchants, businesses, and government entities with immediate processing and confirmation.

Low-to-no transaction costs

Raast is designed to operate at a cost recovery model to make digital payments affordable to all socio-economic backgrounds, eliminating financial barriers.

Full sector-wide interoperability

Raast will allow all financial institutions to seamlessly connect to each other via a single link to the central infrastructure, creating a unified payment ecosystem.

Customer-centric innovative products

Raast will be built on cutting-edge technological standards, allowing financial institutions to develop innovative and user-friendly digital payment products tailored to customer needs.

Reliability and enhanced security

Raast uses more secure payment types, ensures that each transaction is authorized by the payer, and offer enhanced data protection and fraud detection services with multi-layer security.

24/7 Availability

Round-the-clock access to payment services without time restrictions, enabling transactions anytime including weekends and holidays for ultimate convenience.

Person to Person (P2P)

Raast P2P makes payments simpler

Under Raast P2P fund transfers and settlement services, bank customers would be able to send and receive funds in their accounts using their bank's mobile application, internet banking or over the counter services. To facilitate their customers, banks will also allow them to create a Raast ID by linking their preferred International Bank Account Number (IBAN) with their registered mobile phone number. The customers can then share Raast ID with others to receive funds in their account. Bank customers can use Raast service for sending or receiving funds using their IBANs even if they do not have a Raast ID.

Features Making Life Easier

Free of Cost

No charges on Raast related services. Enjoy completely free transactions without any hidden fees.

Simple

No need to remember long IBAN numbers. Just use mobile numbers for quick and easy transfers.

No minimum transaction limit

No minimum transaction size is defined. Send any amount, no matter how small.

Fast

Instant payments into accounts whether it is a wallet or account or branchless banking. Real-time processing.

Secure

Protected by best international practices and standards. End-to-end encryption for all transactions.

24/7 Support

Raast is available round the clock. 24/7 helpdesk support offered by the banks and dedicated customer service.

Mobile Friendly

Access Raast through your smartphone with user-friendly mobile apps and responsive web interfaces.

Interoperable

Seamlessly transfer between different banks and financial institutions without any compatibility issues.

How to Use Raast

Transferring Funds via Raast

Transferring funds via Raast is possible even without sender registering for Raast ID.

Access your bank's provided channel (mobile application, internet banking, branch over the counter, USSD).
Specify beneficiary's IBAN or Raast ID (mobile number) on Raast-enabled banks.
Confirm the amount to be sent within limits provided by your bank.
Your payment will be transferred instantaneously.

Creating Your Raast ID

Creating your Raast ID helps others send payments to you using your mobile number only without remembering account numbers or IBANs.

Access your bank's provided channel (mobile application, internet banking, branch over the counter, USSD).
Authenticate yourself and confirm your mobile number to link to your account.
Your bank channel will instantaneously confirm your mobile number as your new Raast ID. Only one Raast ID is allowed per customer and one account per Raast ID.

Person-to-Person QR (P2P) Code

This is the QR code based on the International Bank Account Number (IBAN) of the accounts maintained in financial institutions. The customers of banks, microfinance banks (MFBs) and electronic money institutions (EMIs) shall have their QR codes displayed within their mobile banking apps and internet banking portals to receive funds into their accounts. With the launch of the P2P QR Code, every accountholder in the country can generate his/her QR through their bank's mobile app to receive payments from others. This has provided a friendly and convenient user experience for a person to send funds into another person's account by scanning a QR instead of typing long account numbers or 24 digits IBANs. In addition, this has provided a much-needed facility to the small/micro merchants and self-employed individuals to accept payments digitally, who, otherwise had no mechanism to receive payments other than cash. As of 31st May 2024, the P2P QR (also known as IBAN-based QR) is enabled on all customer accounts of 25 banks within Pakistan listed below while few other banks are also in pipeline for development.

Person-to-Merchant (P2M) QR Code

The Person-to-Merchant (P2M) QR code is designed to facilitate established businesses (retail as well as corporates) to receive payments through QR codes. The P2M QR is part of the Raast Person-to-Merchant payment scheme which enables various use-cases including; proximity payments, online/e-commerce purchases as well as utility bill payments. With the launch of Raast P2M scheme, it is envisioned that the footprint of digital acceptance points will increase and buying experiences of the customers will be transformed from cash to digital channels.

Frequently Asked Questions

1. What is Raast?

Raast is Pakistan's first instant payment system that enables end-to-end digital payments among individuals, businesses, and government entities seamlessly. This service is now available for all banking customers to seamlessly transfer funds to other individuals with bank accounts.

2. Why should I use Raast?

Raast will connect you with every bank. Raast offers a simple, fast, secure and convenient way to transfer money from one bank account to another.

3. How do I start using Raast?

You can start using Raast through All Banking mobile application and Website as well.

4. How can I send money via Raast?

Open the easypaisa app and log in to your account. Then follow the steps below:

Tap on "Raast" on the homescreen.
Enter Receiver's Raast ID.
Select your purpose of payment.
Enter the amount to be transferred and tap on "Next"
Tap on "Send now"

5. Is there any fee for using Raast?

Currently, Raast transactions are free of charge for individuals. There are no fees for sending or receiving money through Raast.

6. What is the transaction limit for Raast?

The transaction limit for Raast varies by bank but typically ranges from PKR 25,000 to PKR 200,000 per transaction. Daily limits may also apply.

7. How long does a Raast transfer take?

Raast transfers are instant. The money is transferred from one account to another in real-time, usually within seconds.

8. Can I use Raast 24/7?

Yes, Raast is available 24 hours a day, 7 days a week, including holidays. You can make transactions at any time.

9. What if I enter wrong Raast ID?

The system will verify the Raast ID before processing the transaction. If the ID is incorrect or doesn't exist, the transaction will not go through, ensuring your money's safety.

10. Is Raast secure?

Yes, Raast is developed by the State Bank of Pakistan with advanced security measures. All transactions are encrypted and monitored to ensure the highest level of security.

Terms & Conditions

By using Raast, you agree to comply with and be bound by the following terms and conditions:

Users must be at least 18 years old to use Raast services.
All transactions are subject to verification and approval by the respective banks.
Users are responsible for maintaining the confidentiality of their account information.
Raast reserves the right to modify or discontinue any service at any time without prior notice.
Users agree not to use Raast for any illegal or unauthorized purposes.
Transaction limits may apply as per the policies of individual banks.
Raast is not liable for any losses incurred due to user error or system failures beyond our control.
Users must provide accurate and complete information during registration and transactions.
Raast may suspend or terminate accounts found to be in violation of these terms.
Chargebacks and disputes must be reported within 30 days of the transaction date.
International transactions may be subject to additional fees and regulations.
Users consent to receive electronic communications and updates from Raast.
Intellectual property rights of the Raast platform remain with the State Bank of Pakistan.
Users are prohibited from reverse engineering or attempting to hack the Raast system.
Multiple accounts for the same individual are not permitted without prior authorization.

These terms may be updated periodically, and continued use of Raast constitutes acceptance of any changes. It is your responsibility to review these terms regularly.

Privacy Policy

Raast is committed to protecting your privacy and ensuring the security of your personal information. This policy outlines how we collect, use, and protect your data:

We collect only necessary information required to provide our services, including name, contact details, and financial information.
Personal data is stored securely and accessed only by authorized personnel on a need-to-know basis.
We do not share your personal information with third parties without your consent, except as required by law or regulatory authorities.
Transaction data is encrypted and protected using industry-standard security measures including SSL encryption.
We may use cookies and similar technologies to improve user experience and analyze website traffic.
Users can request access to their personal data or request its deletion at any time by contacting our support team.
We implement regular security audits to protect against unauthorized access and data breaches.
Data retention periods comply with regulatory requirements and business needs.
We may use anonymized data for statistical analysis and service improvement.
Third-party service providers are bound by strict confidentiality agreements.
We may send promotional communications which users can opt-out of at any time.
Location data may be collected for security and regulatory compliance purposes.
Biometric data, when collected, is stored securely and used only for verification purposes.
Children's personal information is not knowingly collected without parental consent.
In case of data breach, affected users will be notified in accordance with legal requirements.

By using Raast, you consent to the collection and use of your information as described in this policy. We reserve the right to update this privacy policy as needed.

Disclaimer

The information provided on this website is for general informational purposes only. Please read the following disclaimers carefully:

While we strive to keep the information up to date and correct, we make no representations or warranties of any kind about the completeness, accuracy, reliability, or availability of the information.
Any reliance you place on such information is strictly at your own risk.
Raast is not liable for any losses or damages in connection with the use of our services or this website.
We reserve the right to modify, update, or remove any content without prior notice.
Links to external websites are provided for convenience, and we do not endorse the content of those sites.
Service availability may be subject to technical issues or maintenance periods.
Financial information provided is for reference only and should be verified with official sources.
Exchange rates and fees are subject to change without notice.
We are not responsible for delays in transaction processing due to technical issues or bank holidays.
User-generated content does not necessarily reflect the views of Raast or its partners.
Investment decisions should not be based solely on information provided on this platform.
We do not provide financial advice and recommend consulting with qualified professionals.
System requirements may change, and users are responsible for maintaining compatible devices.
Force majeure events may affect service availability and we are not liable for such interruptions.
Jurisdiction for any legal disputes shall be in accordance with Pakistani law.

By using this website and Raast services, you acknowledge and accept these disclaimers. If you do not agree with any part of these disclaimers, please discontinue use of our services immediately.